XOJet CEO Brad Stewart walks to one of his company's Citation X jets at San Francisco International Airport. Below: The $20 million jet offers at least a million-dollar view of the Golden Gate Bridge.

Photo: Sarah Rice, Special To The Chronicle

XOJet CEO Brad Stewart walks to one of his company's Citation X...

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An XOJet Citation X flies over San Francisco.

Photo: Sarah Rice, Special To The Chronicle

An XOJet Citation X flies over San Francisco.

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XOJet CEO Brad Stewart talks with assistant marketing manager Albert Hsieh onboard one of the San Francisco company's Citation X jets. XOJet is the third largest private jet company in the nation.

Photo: Sarah Rice, Special To The Chronicle

XOJet CEO Brad Stewart talks with assistant marketing manager...

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As part of pampering XOJet's well-heeled fliers, each seat on the Cessna Citation X is equipped with personal controls.

Photo: Sarah Rice, Special To The Chronicle

As part of pampering XOJet's well-heeled fliers, each seat on the...

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XOJET captain Rune Jarnes, left, and flight crew Chris Dinkel, center, talk to Brad Stewart, the President and CEO, next to one of their Challenger 300 jets in San Francisco, Calif., on Monday, January 13, 2014.

Photo: Sarah Rice, Special To The Chronicle

XOJET captain Rune Jarnes, left, and flight crew Chris Dinkel,...

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Albert Antosca, a co-pilot for XOJET, looks out over San Francisco on one of their Cessna Citation X jets in San Francisco, Calif., on Monday, January 13, 2014.

Photo: Sarah Rice, Special To The Chronicle

Albert Antosca, a co-pilot for XOJET, looks out over San Francisco...

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Brad Stewart, the President and CEO of XOJET, second from left, catches up with Brandon McCabe, right, one of their XOJET Challenger 300 captains, onboard in San Francisco, Calif., on Monday, January 13, 2014.

Photo: Sarah Rice, Special To The Chronicle

Brad Stewart, the President and CEO of XOJET, second from left,...

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Captain Rune Jarnes and co-pilot Albert Antosca (shown reflected at left) pilot one of their Cessna Citation X jets over San Francisco, Calif., on Monday, January 13, 2014.

For 30 glorious minutes last week I was a member of the 1 percent, flying over the Golden Gate Bridge, up the Northern California coastline and back over the East Bay hills in a $20 million Citation X - a jet of choice among CEOs, financiers, celebrities and others of the ultra rich with places to go and people to see. And no time to waste.

The all-too-brief experience came courtesy of San Francisco's XOJet, the third largest private jet company in the nation, which, like its competitors at SFO, was having an especially busy week with top executives flying in for the JPMorgan health conference in town, and deep-pocketed locals heading to the 49ers-Seahawks game in Seattle in comfort and privacy.

"It's just nuts," said an XO Jet pilot, surveying the dozens of private jets on the tarmac at SFO's Signature Aviation Terminal the day the JPMorgan conference opened at the Westin St. Francis.

Business in the $14 billion market is certainly a whole lot better than the dark days of what XOJet CEO Bradley Stewartcalled "the Lehman bust," referring to the collapse of Lehman Bros. in 2008, after which numerous private carriers went under or fell into the hands of better-financed players. XO Jet, then a small, 2-year-old startup, escaped that fate largely thanks to infusions from TPG Capital and IPIC, an Abu Dhabi sovereign wealth fund. "Our business really started, or restarted, in 2010," said Stewart.

Last year, the Brisbane company recorded $350 million in revenue, and has tripled its net profit over the past two years (the private company wouldn't disclose the figure). Over 5,000 clients, many of them heavy users, have flown one of XOJet's approximately 50 owned and operated jets from its hubs at SFO, Van Nuys Airport in Los Angeles, and Teterboro Airport in New Jersey.

Respecting privacy

No names disclosed - "we need to respect our clients' desire for a private experience," the company said - but increasing numbers come from the San Francisco-Silicon Valley corridor, and they all have at least one thing in common.

"They need to have at least $40-$50 million in assets before consuming our product," said Stewart, 37, a former McKinsey & Co. consultant and a senior investment executive at Parthenon Capital Partners, a private equity firm with offices in San Francisco and Boston.

There are more than 17,000 private jets worldwide, 70 percent of them in North America, according to a 2012 report by Corporate Jet Investor. Business customers account for close to half of the industry's revenue, mostly from U.S. routes. XOJet's clients are 70 percent business customers, said Stewart. The six- to eight-seat jets ferry at high speeds "CEOs and his or her team," entertainers and their entourages - who aren't always on their best behavior - and families wealthy enough to fly by private plane to vacation destinations.

It goes without saying, it's not for everyone.

"To be honest, you have to be ultra-high-net worth to consistently fly private," Stewart said.

Not so, say recent entrants who are pitching private jet travel for the price of standard first class. Like BlackJet, which offered individual seats purchased via mobile app for $3,500, in addition to a $2,500 membership fee. Lead investor: Uber co-founder Garrett Camp, out to do for private aviation what he's done for private taxis. Unfortunately BlackJet, whose other investors include A-list Hollywood celebs such as Jay Z and Ashton Kutcher, fired most of its staff late last year. No mention of BlackJet on Camp's LinkedIn page when I checked Thursday.

Other would-be "jet sharing" enterprises haven't done much better breaking out of the box. "You can't fly somebody for $3,500 coast-to-coast and guarantee them a seat when it costs you $20,000 to fly the plane, which were often empty, an anonymous former BlackJet employee told the Boston Globe. "And if you had eight people on the flight, nobody was happy and it was crowded."

It's not all Champagne, roses and fluffed travel pillows for XOJet and its peers. Costs are going up, there's lots of competition, and business has yet to return to its pre-recession high. "It's a tough business," Stewart said.

And one where you have to pay to play.

A "preferred access" account, for example, which gives you first crack at XO's fleet, costs $200,000 up front. The $25,000 for the plane - usually a Citation X or Challenger 300 - is deducted from that sum. With that you also get "a dedicated private aviation adviser to plan and coordinate your private flight, including catering, ground transportation and other services."

Special touches

Had I known I was going to be invited aboard, I would have ordered one of those $300 menus with wine pairings from Saison.

"Anything you want you can get. But the more you want, the more it'll cost you," said Stewart.

Stewart is quite aware of how his business might play in the debate over income inequality.

"The top 10 percent of the 1 percent are the richest in the history of the world," he said, and some of them are his clients.

But as business becomes increasingly global and interconnected, the demand for fast, hassle-free ways to get from one side of the world to the other will only grow, he believes.

"It's about connectivity. We call it a time machine, not a luxury, but a way to compress the day," he said.

But I couldn't help but feel how totally apart that world is from the one most of us live in. The black-suited chauffeurs line up in their black limousines right outside the private terminal. Step out of the limo and board your jet in minutes. It's all very convenient: Got a dog? No need to stow him or her in a carrier. Need to make a call? Soon you can yammer and text away on your cell phone. The FAA has already approved it for private jets.

It's no muss, no fuss, no standing in lines. A very private, intimate club. All cushioned, no rough edges.

That hit home when the Citation X's engines roared to life and in a blink - whoosh! - we were up and away. Yes, I could get used to this.

"Want to fly to Cabo?" said Stewart after we touched down. If only I didn't have this column to write.